ENRON AND SONOCO SIGN ENERGY MANAGEMENT AGREEMENT
FOR IMMEDIATE RELEASE: Thursday, April 13, 2000
HOUSTON -- Enron Energy Services, a subsidiary of Enron Corp., and Sonoco announced today a six-year, $210 million energy management agreement. Enron's energy management services will provide Sonoco with immediate and substantial electricity savings at more than 150 manufacturing plants and facilities nationwide.
Specifically, Enron will provide or manage the electricity supply to Sonoco's facilities, as well as provide related energy management services, including analysis and consolidation of energy expenditures and assumption of energy price risk.
"Although Sonoco's energy management capability is extensive, Enron's expertise at managing large, nationwide energy portfolios has uncovered significant energy commodity savings," said Lou Pai, chairman and CEO of Enron Energy Services.
"Energy is a significant production cost in our manufacturing facilities," said Charles Coker, Jr., vice president of Procurement and Logistics for Sonoco. "We believe this agreement enables Sonoco to not only successfully manage our energy costs, but also enhance productivity, one of our four primary growth drivers."
Sonoco, founded in 1899, is a $2.5 billion global manufacturer of industrial and consumer packaging products and provider of packaging services with 285 operations in 33 countries serving customers in 85 nations. Sonoco's stock is traded under the ticker symbol "SON."
Enron is one of the world's leading electricity, natural gas and communications companies. The company, which owns approximately $33 billion in energy and communications assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Enron's Internet address is www.enron.com. The stock is traded under the ticker symbol "ENE."
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For additional information please contact:
Peggy Mahoney
Enron Energy Services
713-345-7034
Allan V. Cecil
Sonoco
843-383-7524
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